Mirvac Fini has sold 110 apartments off the plan in The Point project in Mandurah, moving $150 million worth of real estate in four days.
Six penthouses in The Point, which sold for between $2.9 and $4 million, highlight just how sought after the Mandurah real estate market is.
Mandurah has the highest growth rate of any city in Australia, with real estate prices up 21 per cent in the past 12 months.
The average annual growth rate for the past five years has been 17 per cent.
Mandurah’s population is forecast to increase 167 per cent over the next 30 years, and KPMG recently predicted that the population would increase from the current 71,000 to 188,000 by 2031.
The current record price paid for an apartment in Perth is $6.7 million, by car dealer Brian Gardner, who bought the penthouse in the Raffles tower in Applecross in 2003, off the plan.
The Point project will include 120 apartments over two buildings, with six apartments per typical floor plate.
The two-, three- or four-bedroom apartments were priced from $750,000 and, when complete, The Point will become a fully integrated tourism, residential and commercial precinct incorporating the two luxury apartment buildings, a serviced apartment hotel, an associated bar and brasserie, and specialty retail space.
The former Mandurah Peninsula Hotel, which stood on the site, has been demolished, but a Moreton Bay Fig on Stingray Point, planted in 1930, will be retained.
The small jetty and pavilion, thought to have been constructed in 1940, will be restored and maintained as a focal point in the foreshore landscaping design.
Significant landmarks of the former buildings will be acknowledged with plaques and the existing boardwalk will be extended, making sure The Point is accessible for all residents and visitors.
Earlier this month, a prime development site on the corner of Mandurah Terrace and Cooper Street, sold for $3.54 million to an undisclosed buyer.
